From early beginnings, the credit card goes on to become a popular method of payment. Before computerization, payment was slow and manual with phone calls between merchants, banks and credit card issuers to check credit balances, and lists of stolen card numbers to check against.
Financial Crisis From January 2008 to April 2011, the FDIC closed 356 banks that failed to manage the risks building up in their commercial and residential mortgage exposures.
Throughout history, the basic premise around lending and extending credit has remained the same – but the way it happens has changed dramatically. From lending in the Middle Ages and the early days of layaway to the advent of new offerings like embedded finance, Buy Now, Pay Later, and peerto-peer lending, the possibilities around what lenders can offer are endless. As technology continues to advance and financial services continue to innovate to meet evolving customer needs, one thing remains clear – financial services providers that embrace the future of predictive analytics, open banking, APIs, and artificial intelligence will benefit immensely. As will their customers.
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